Ethereum followed a strong upward trend above USD 250 and USD 270 against the US dollar. The ETH price rose above the $ 300 level and is currently consolidating profits.
- The ETH price has increased by more than 20% in the past few days and exceeded USD 300 against the US dollar.
- A new monthly high is forming near the $ 310 level and the price is currently correcting lower.
- An important bullish trendline is forming on the 4-hour chart of the ETH / USD (data feed about octopuses) with support near USD 295.
- The pair is expected to continue rising above $ 310 as long as it is above the $ 285 pivot level.
The price of the Ethereum rises
Last week, Ethereum started a significant move above the USD 250 resistance against the US dollar. The ETH price even broke the resistance of $ 275 and the simple moving average of 100 (4 hours).
The upward movement was strong and the ether rose above the levels of $ 280 and $ 300 (as discussed in the last technical analysis). The price was at a new monthly high near the $ 310 level and is currently correcting lower.
There was a pause below the $ 305 level plus the 23.6% fib retracement level of the recent surge from the low of $ 281 to the high of $ 310. On the other hand, there is strong support near the $ 300 and $ 295 levels.
Ethereum price trades above $300. Source: TradingView.com
An important bullish trendline is also forming on the 4-hour ETH / USD chart with support near $ 295. The trendline is close to the 50% fib retracement level of the recent surge from the low of $ 281 to the high of $ 310.
On the upside, the price faces small hurdles near $ 310. The first major resistance is near the $ 320 level, above which the ether price is likely to rally towards the $ 350 level in the coming days.
Downward correction in ether (ETH)?
If Ethereum does not stay above the resistance levels of $ 310 and $ 320, there is a possibility of a downward correction below the trendline support.
The next major support is near the $ 285 level (the most recent breakout zone), below which the bears are likely to seek an extended correction towards the $ 265 support level.
4 hours MACD – The MACD for ETH / USD is losing momentum in the bullish zone.
4 hours RSI – The RSI for ETH / USD is currently in the overbought zone.
Main support level – $ 295
Main resistance level – $ 310
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